VANCOUVER — Organizers of the seven FIFA World Cup soccer matches coming to Vancouver in 2026 say the estimated cost of hosting the event has more than doubled in the last two years.
The latest estimates put the price tag at between $483 million and $581 million, including costs for the city, the province and stadium upgrades.
However, the B.C. government says the event is expected to generate enough revenue to result in a net cost of between $100 million and $145 million.
Minister of Tourism Lana Popham said Tuesday the event will bring about 350,000 fans to the province and generate more than a billion dollars for tourism in the five years following the games.
Documents say the fresh numbers include updated hosting, operating and capital requirements following FIFA site visits, increased inflation assumptions, and provincial costs, such as public sector essential services.
The original cost estimate of $260 million released in March 2022 was for five matches, and was before Vancouver was chosen as a host.
An updated figure, released by the B.C. government at the end of January 2023, put the cost of hosting five matches in Vancouver at $230 million without including stadium improvements, and since then FIFA has added two more games.
Popham said the initial estimate was before officials had a full understanding of the requirements to host, which include the need for training sites and fan festivals.
"It was interesting because obviously we originally said no, but there's been more opportunities that have been brought to us. FIFA has added in more revenue generating opportunities for the province," she said.
"And so, when you look at all of that, we believe that this investment is a good deal for British Columbians. We are looking at the return on this dollar as something that is extremely positive."
Vancouver Mayor Ken Sim said hosting the games is a "no brainer."
"Sure, there's going to be more costs and revenue, but if you stretch it over the long term, the benefits are massive, and they will more than pay for that deficit," he said, adding that the city will be hosting the equivalent of "30 to 40 Super Bowls" worth of people over the course of the month.
As much as $196 million has been earmarked for upgrades to BC Place where the matches will be played, as well as operational costs during the tournament. The stadium, which can hold up to 54,500 people, was built in 1983, but had extensive upgrades for the 2010 Winter Olympics.
Vancouver has been promised that two of its games will involve Team Canada.
Ahead of the news conference, the general manager of BC Place, Chris May, took reporters on a tour of the arena to showcase what upgrades and renovations would be prioritized.
They included adding more and larger elevators, gender neutral bathrooms, as well as improved Wi-Fi and a new central video board.
As part of the tour, May showed reporters a soundboard that he said had been used since the stadium opened.
"I think that may need to move up to the BC Hall of Fame once the renovations are made," May joked about the board.
A natural grass pitch will be installed, but officials say it is too soon to know if it will remain after the World Cup is over, given the challenges that come with maintaining the surface during frequently changing events at the stadium.
Popham said it's estimated hotels will be at 75 per cent capacity during the games.
Sim said the demand for rooms will encourage those who want to invest in hotels.
"We're going to make it easier to build hotel rooms and investors will come in and they will build more hotel rooms, which will add capacity to the tourism industry here," he said.
"It will help restaurants, it will create jobs, it will be a bigger tax base and those taxes can go and fund social programs. So, this is a winner. This is a great problem to have," he said.
Federal Minister of Sport Carla Qualtrough said Ottawa's investment of $115.66 million will support operation and capital costs, including the stadium upgrades.
"Soccer is the world's game and the world is coming to Canada in 2026," she said.
Toronto and Vancouver are the two Canadian cities that will host matches during the 2026 World Cup, which will also be played in the United States and Mexico.
The City of Toronto released a new estimate in February for its games of $380 million, an increase of $80 million compared with a 2022 forecast, partly because of the addition of another match to the schedule.
FIFA announced last year that it had approved a bigger group stage in 2023. By retaining groups of four teams instead of three, 24 games were added to the 80 already set out for the tournament.
Todd Stone, the Opposition BC United house leader, said B.C. residents would get a more complete picture of the cost of hosting the event if the government released the agreements the province signed with FIFA.
"Six hundred million dollars, that's double what the original budget was as of a year ago," said Stone at the B.C. legislature. "We're going to continue to press the government for what accounts for the cost escalation. Is that as high as the numbers will be?"
This report by The Canadian Press was first published April 30, 2024.
Brieanna Charlebois and Ashley Joannou, The Canadian Press
(Bloomberg) — Starbucks Corp. sales fell for the first time since 2020 as half-off deals and new lavender lattes weren’t enough to entice increasingly budget-conscious consumers.Most Read from BloombergTesla Axes Supercharger Team in Blow to Broader EV MarketNYPD Arrests Over 300 Protesters in Crackdown on College CampusesUS and Saudis Near Defense Pact Aimed at Reshaping Middle EastThe Ozempic Effect: How a Weight Loss Wonder Drug Gobbled Up an Entire EconomyFed to Signal Delay of Interest-Rat
NEW YORK (AP) — An insider trading trial began Tuesday for a financial executive charged with enabling his boss and others to make millions of dollars illegally on news that an acquisition firm would be taking former President Donald Trump’s media company public. In an opening statement, Assistant U.S. Attorney Elizabeth Hanft accused Bruce Garelick of tipping off his boss and friends to news in 2021 that the special purpose acquisition company, Digital World Acquisition Corp., was merging with
AWS posted its best revenue growth since 2022, as tens of thousands of companies try Amazon's generative AI tools.
HOUSTON (AP) — The Houston Astros will option slumping first baseman José Abreu to their spring training facility to try and help the 2020 AL MVP get back on track. General manager Dana Brown made the announcement Tuesday, saying Houston would make the move Wednesday. The 37-year-old will report to the Astros' complex in West Palm Beach, Florida. Brown said the decision was made after a meeting that included himself, Abreu, coaches and front-office personnel. Abreu, in the second season of a $58
(Bloomberg) — Accor SA is in advanced talks to acquire luxury hotel brand Habitas, which traces its roots to camps at the Burning Man festival in the Nevada desert, according to people with knowledge of the matter.Most Read from BloombergHSBC CEO Quinn Unexpectedly Steps Down After Almost 5 YearsBinance and CZ’s Fortunes Are Set to Grow, Even in JailTesla Soars on Tentative China Approval for Driving SystemS&P 500 Falls 1% at End of Worst Month in 2024: Markets WrapStocks Trade for 390 Minutes
The Canadian dollar weakened to an 11-day low against its broadly stronger U.S. counterpart on Tuesday as slower-than-expected domestic economic growth supported bets the Bank of Canada would cut rates more deeply than the Federal Reserve. Canada's gross domestic product (GDP) rose 0.2% in February, Statistics Canada said, missing estimates for a gain of 0.3%, while a preliminary estimate for March showed that GDP was "essentially unchanged". The economy is likely to have expanded at a 2.5% annualized rate in the first quarter, Canada's national statistics agency added.
Canada's low labor productivity level puts the country at risk of losing of billions of dollars of investments to Mexico, as the so-called nearshoring boom spurs companies to move supply chains to North America, economists and lobby groups say. Mexico is fast becoming a global destination to manufacture products for supply to the U.S., where companies are seeking suppliers closer to home to reduce their dependence on China and shorten their supply chain. Canada, however, has seen little benefit from this trend.
(Bloomberg) — Warren Buffett-backed Mitsui & Co. said it would repurchase as much as 200 billion yen ($1.3 billion) worth of shares after assets sales helped offset weaker annual profits.Most Read from BloombergTesla Axes Supercharger Team in Blow to Broader EV MarketNYPD Arrests Over 300 Protesters in Crackdown on College CampusesFed to Signal Delay of Interest-Rate CutsThe Ozempic Effect: How a Weight Loss Wonder Drug Gobbled Up an Entire EconomyLilly Soars as Forecast Boost Shows Weight-Loss
LUNMF vs. SCCO: Which Stock Is the Better Value Option?
CLEVELAND (AP) — Evan Mobley groaned like an old man — and not a 22-year-old — as he pulled himself out of the chair in front of his locker. “Long game,” Mobley said. Long guy, and the Cavaliers needed every inch of the 7-footer. Filling in at center for the injured Jarrett Allen, Mobley blocked Franz Wagner's layup in the final seconds and Cleveland survived a scare from Orlando, holding off Paolo Banchero and the Magic 104-103 in Game 5 on Tuesday night to take a 3-2 lead in their Eastern Conf
Mracna, a graduate transfer from George Mason in his first season with the Bulldogs, pitched the last two innings of a 5-4 win in College Station, Texas, on Saturday. A 30-second video of Mracna in the bullpen, posted by Barstool Texas A&M, showed Mracna appearing to work on his glove in a corner.
Former professional tennis player Andre Agassi celebrated his birthday on Monday. In honour of the occasion, the star re-shared a charming throwback picture of himself with his rarely seen children Jaden and Jaz. Details…
BOSTON — Auston Matthews was forced to watch with the Maple Leafs' season on the line. Battling an illness the better part of the last week, the three-time Maurice (Rocket) Richard Trophy winner as the NHL's top goal-scorer made a brief appearance at Tuesday's optional morning skate with Toronto down 3-1 to the Boston Bruins in the teams' first-round playoff series. There was hope Matthews would be able to suit up with the club facing elimination, but he didn't take the ice for warmups at TD Gar
TAMPA, Fla. (AP) — Tampa Bay Lightning coach Jon Cooper opened his end-of-season news conference Wednesday apologizing for making what he called an inappropriate analogy of putting skirts on goalies. Cooper after the Game 5 loss that eliminated his team from the playoffs on Monday night vented about two questionable goaltender interference rulings that contributed to Florida’s 6-1 win. The Lightning had two goals disallowed when the NHL situation room deemed a player interfered with Sergei Bobro
Which teams did the best in the NFL Draft?
DJ Moore shared his early thoughts on Bears rookie QB Caleb Williams after a throwing session before the 2024 NFL draft.
Mike Tyson's fight against Jake Paul in Texas this summer has been sanctioned as a competitive boxing match rather than an exhibition, and the rounds will be shorter and the gloves will be heavier. The Texas Department of Licensing and Regulation this week approved terms for the July 20 fight at AT&T Stadium in Arlington. Netflix will provide live coverage of the bout between the 27-year-old Paul, a social media star-turned-boxer, and 57-year-old Tyson, who hasn’t fought since an exhibition against Roy Jones Jr. in November 2020.
"The work never stops but I live a life of peace and contentment that I never knew was possible."
The Yahoo Fantasy football analysts reveal their first running back rankings for the 2024 season.
BOSTON — Matthew Knies lived with John Tavares when he first arrived in the NHL. The rookie forward forged a close bond with the Toronto captain's family as he adjusted to life as a pro. The pair reconnected Tuesday to keep their team breathing in the Stanley Cup playoffs. Knies scored at 2:26 of overtime after Tavares took the puck hard to the net as the Maple Leafs topped the Boston Bruins 2-1 to avoid elimination in Game 5 of their first-round playoff series. "You black out a little bit," sai

source

Post Views: 33